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Path Dependence or Convergence? The Evolution of Corporate Ownership Around the World
Yeh, Andy - 2016
We derive and develop a simple and intuitive model that shines fresh light on the relentless debate over whether corporate ownership converges to the Berle-Means modern corporation with high stock ownership dispersion. Our model takes into account the importance of both protective legal...
Persistent link: https://www.econbiz.de/10013004147
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Trusting the Stock Market : Further Evidence from IPOs around the World
Kanagaretnam, Kiridaran (Giri); Lee, Jimmy; Lim, Chee Yeow - 2022
Using an international sample of IPO firms from 36 countries and a country-level index for societal trust, we find strong evidence that societal trust is negatively associated with the degree of IPO underpricing. In cross-sectional analyses, we find that the effect of societal trust in reducing...
Persistent link: https://www.econbiz.de/10013406151
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Dynamic Corporate Liquidity
Nikolov, Boris - 2017
We examine the determinants of corporate liquidity management through the lens of an estimated dynamic model of corporate investment and financing. When external finance is costly, firms can absorb shocks and cover liquidity needs by holding cash and by drawing down credit lines. In contrast to...
Persistent link: https://www.econbiz.de/10012974552
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CAPM и Диверсификация Инвестиционного Портфеля в Условиях Неоднородной Волатильности (CAPM and Diversification of an Investment Portfolio in the Conditions of Non-Uniform Volatilit...
Minasyan, Vigen Babkenovich - 2015
The theory of cost of capital (long-term) assets [Sharpe, 1964, Lintner, 1965, Mossin, 1966] based on G. Markovits … is substantially uniform concerning risks of the assets addressing on it. However this theory doesn't assume possibility … changes, the basic theory isn't capable in such conditions to give an objective assessment of assets. At the same time …
Persistent link: https://www.econbiz.de/10013025979
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Ownership Structure and Financial Constraints : Evidence from a Structural Estimation
Lin, Chen - 2011
This article examines the impact of the divergence between corporate insiders' control rights and cash-flow rights on firms' external finance constraints via generalized method of moments estimation of an investment Euler equation. Using a large sample of U.S. firms during the 1994–2002...
Persistent link: https://www.econbiz.de/10013133658
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About Estimating Gains from Diversification and Why Firms Self-Select
Brendel, Markus - 2015
This paper aims to shed light on the alleged contradiction between the observed conglomerate discount and a value creating effect of diversification itself. For this reason, we apply endogenous switching regressions on a sample of 51,878 US-firm years recorded over the years 1992-2012 in order...
Persistent link: https://www.econbiz.de/10013025912
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Exit Through Exitus in Private Equity Buyouts
Hammer, Benjamin - 2015
We study the impact of PE firm and buyout characteristics on default probability employing a Cox proportional hazards model to a global sample of 5,093 buyouts between 1997 and 2012. Our results indicate that investments of generalists have lower default probability than those of specialists....
Persistent link: https://www.econbiz.de/10013025950
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Choices in Equity Finance : A Global Perspective
Massa, Massimo - 2016
When companies raise equity finance they have to make two choices: the issuing method (cash versus rights) and, when they choose the rights issue method, whether rights should be traded or not. We study these choices using a sample of 15,751 rights issues and 22,016 cash offers announced during...
Persistent link: https://www.econbiz.de/10012995910
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The effect of investor protection on forms and ownership of FDI
Moskalev, Sviatoslav A. - In: International journal of economics and business research 2 (2010) 6, pp. 525-567
Persistent link: https://www.econbiz.de/10008806757
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Investor protection, optimal incentives, and economic growth
Castro, Ruy; Clementi, Gian Luca; MacDonald, Glenn M. - In: The quarterly journal of economics 119 (2004) 3, pp. 1131-1175
Persistent link: https://www.econbiz.de/10002183434